Question

Receipts and Payments Account do not have any opening balance. (State True or False)

Answer 1

FALSE....

IT HAVE TOO THAT OPENING BALANCE.

Answer 2

Answer:

False

Explanation:

Receipts and Payments Account do not have any opening balance. - False

The Receipts and Payments Account is also known as the Cash A/c which means that there will be an opening balance for sure.

Receipts and Payments Account is a summary of a certain period of money and bank transactions. Societies, clubs, organizations, etc. are preparing it. It's made cash-based. Any transaction not reported in the Cash Book will not also be entered in the Account of Receipts and Payments.